Hong Kong Cracks Down on Fake Crypto Exchange Allegedly Linked to Elon Musk
The Hong Kong Securities and Futures Commission (SFC) has warned the public regarding Quantum AI, an entity allegedly engaged in fraudulent activities related to virtual assets and impersonating Elon Musk. Quantum AI claims to leverage artificial intelligence technology to provide cryptocurrency trading services.
However, the Hong Kong SFC has raised suspicions that Quantum AI deceived the public by impersonating Elon Musk, the renowned entrepreneur and developer of Quantum AI’s purported technologies.
According to the report, Quantum AI utilized deepfake videos and photos on its website and social media platforms to create the illusion that Elon Musk was associated with the platform. This deceptive tactic misled investors into believing Quantum AI had Elon Musk’s endorsement or involvement.
Hong Kong SFC issues an alert against Quantum AI. Source: sfc.hkFurthermore, on May 8, the Hong Kong Securities and Futures Commission (SFC) raised suspicions against Quantum AI for allegedly disseminating “false and misleading information” about the company through an undisclosed news website. This strategy was purportedly aimed at promoting its crypto trading services and gaining credibility among unsuspecting investors in Hong Kong.
According to SFC suspicion alert on its website, SFC wrote,
“It claims on the “news” website that the Hong Kong public has been using its technology to trade in cryptocurrencies and is able to earn “too-good-to-be-true” returns.”
In response to these allegations, the Hong Kong Police Force has intervened, taking action to block Quantum AI’s website and remove associated social media pages at the request of the SFC. Despite these enforcement measures, authorities remain vigilant, cautioning the public
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